Starwood Land Ventures Revitalizing Upscale Redtail Golf Club In Lake County
ORLANDO, FL – February 14, 2012 – It hasn’t taken long for Starwood Land Ventures to pump life into newly-acquired RedTail Golf Club in Lake County, Florida.
Since taking ownership of the 480-acre private country club community in mid-December, Starwood has started improvements to the community entrances and golf course, and significantly upgraded the landscaping. They also retained one of the best management groups to oversee the golf operations, and signed a deal with Lennar, a major national homebuilder, to immediately start home construction.
“We have one goal at RedTail – restore the charm and elegance that attracted more than 100 families to the community,” said Mike Moser, co-CEO of Starwood. “There are homes that were purchased for several million dollars at RedTail. It’s a very unique community and we want to build on the established quality and style.”
Celebration Golf, which manages some of the finest golf courses in Central Florida, is now managing the golf operations. The RedTail course was designed by Dave Harmon and opened in 2004 as a private country club. The golf facilities include a luxurious Clubhouse with a restaurant and lounge overlooking the fairways.
Lennar has already started construction on a new model and is offering homes with up to 5,000 square feet of total space, priced from the $300s to more than $500,000. Moser said he is talking with several custom homebuilders and expects to make an announcement on a second builder within 30 days.
“RedTail has a solid reputation as one of the finest residential country club communities in Central Florida,” Moser said. “The amenities are consistent with top private clubs, and the location offers a unique combination of privacy and convenience. In 15 to 20 minutes you can be at AAA’s headquarters in Heathrow, at Seminole Town Center Mall, or shopping for antiques in Mount Dora.”
“Starwood continues to buy distressed assets in excellent locations with substantial development work already completed,” said Chris Graham, Starwood Capital’s Managing Director. “We believe RedTail compliments this portfolio and has incredible upside potential as the market strengthens and returns to a normal absorption.”
Since its inception in 2007, Starwood Land Ventures has acquired 17,000 residential lots in four states with an acquisition price exceeding $200 million, and a projected sellout of nearly $1 billion. Starwood has communities in several markets in Florida, Arizona, California and Colorado. In Central Florida Starwood has acquired a portfolio of more than 4,500 lots, including prominent communities such as Independence and Summerlake.